News from Spain to revive sentiment towards risk pushing commodity prices rebound. The rumor that Spain will ask spread and return bailout gives positive sentiment to the market. Plus reports that debt ratings agency Moody's did not down****e Spanish debt also provides positive sentiment.
Data on German economic sentiment survey by the ZEW survey released yesterday afternoon at -11.5 and better than market expectations -15.0 also give positive sentiment to the market.
Gold prices managed to rebound to an area of $ 1753 per troy ounce. This opens up further strengthening to the next resistance area around 1766. But the price of gold is still susceptible of correction, penetrating back support level 1739, could bring back the gold test support at 1727.